88% of E&M CEOs are making changes to their growth strategy: PwC Study

According to PwC’s 16th Annual Global CEO study, Customers, clients and social media users are influencing business strategy and E&M CEOs are responding by strengthening their engagement programmes with these groups. 100% of E&M CEOs say customers and clients somewhat or significantly influence their business strategy, with 93% strengthening their engagement programmes with this stakeholder group. 70% report users of social media as being somewhat or significantly influential, with 95% of these CEOs strengthening their engagement programmes to this stakeholder group – 17% above the global cross-industry total.

E&M CEOs remain confident about revenue growth over the next three years and continue to focus on the consumer, recognising the need to meet their rapidly evolving demands. What else did they tell us?

Continuing focus on shifting consumer spending and behaviours

The impact of shifting consumer spending and behaviours on growth continues to be a key concern for E&M CEOs, with 75% concerned or extremely concerned, in line with last year’s survey – and higher than almost any other industry. And 88% anticipate changes to their customer growth, retention or loyalty strategies, in response to this.

Investments in technology and speed of technological change continues
73% of E&M CEOs expect to increase their investments in technology over the coming year, while 61% are concerned about the speed of technological change, 19% above the global cross-industry total – showing that technology remains a key enabler for E&M companies to keep apace with consumers’ rapidly evolving demands.

The power of customers, clients and social media users

Customers, clients and social media users are influencing business strategy and E&M CEOs are responding by strengthening their engagement programmes with these groups. 100% of E&M CEOs say customers and clients somewhat or significantly influence their business strategy, with 93% strengthening their engagement programmes with these two stakeholder groups. 70% report users of social media as being somewhat or significantly influential, with 95% of these CEOs strengthening their engagement programmes to this stakeholder group – 17% above the global cross-industry total.

Concerns over intellectual property and customer data remain
55% of E&M CEOs are concerned about a lack of trust in their industry, against a global cross-industry total of 37%, with 59% concerned about their inability to protect intellectual property and customer data, 25% above the global cross-industry total, reflecting continued concerns around piracy for the industry.

Talent management strategies likely to change

88% expect changes to their talent management strategies over the coming year, highlighting the continued focus on finding and retaining key talent – which remains a concern for 57% of E&M CEOs, against 65% last year and this year’s global cross-industry total of 58%.

Overall confidence in E&M revenue growth
E&M CEOs’ overall confidence in revenue growth over the next three years remains resilient with 80% feeling very or somewhat confident, with a year-on-year dip in confidence over the coming year, from 84% to 70% – reflecting a slight recalibration of expectations of the time that a return of investment will take.